Title
A Resolution authorizing issuance of debt by the Powers Metropolitan District in the form of general obligation limited tax bonds in the estimated aggregate principal amount of $3,380,000.
(Legislative Item)
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning and Community Development
Body
Summary:
This is a request to authorize issuance of debt by the Powers Metropolitan District ("District") in the form of general obligation limited tax Series 2018 bonds in an amount not to exceed $3,380,000 in authorization. The City's Special District Policy and the District's service plan require that City Council's approval be obtained prior to issuing any debt.
Approval of this debt issuance will require a 2/3rds majority of the entire City Council (at least six affirmative votes) pursuant to City Charter Article 7-100.
This item was presented at the August 14, 2018 City Council Budget Committee meeting, as discussed below, and was introduced at a Council Work Session on September 10, 2018.
Previous Council Action:
The District was established by election in May 2008, following approval by Council of a service plan on February 12th of that year (Resolution No. 33-08).
Background:
Metropolitan districts are created under Colorado Statute and City Policy to finance and/or maintain certain public improvements in commercial and residential areas, primarily utilizing a property tax mill levy as the revenue source. These districts are a separate legal entity from the City, but their service plan and the Special District Policy require City Council approval of all formal debt. The standard of review of the bond/loan documents is consistency with the service plan.
The Powers Metropolitan District consists of about 50 acres located at the southwest corner of Barnes Road and Powers Boulevard, and includes but is not limited to the Powers Pointe Shopping Center. Public improvements expenditures to be reimbursed are associated with ...
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